Are you interested in banking and finance, good at working with numbers, and possess excellent managerial skills? You can consider a career as a bank/branch manager.
Bank managers ensure smooth and efficient execution of banking operations in one or more bank branches. They increase sales of financial services and products and attract new customers for the business.
Do you wondering how to become a bank manager in Australia? You must have a bachelor’s degree in business, economics, or commerce, majoring in finance or banking. It is also essential to have experience in lower-level roles in branch banking for this role.
If the profession interests you and you want to know more about pursuing it, then keep reading this blog. Learn about who a bank/branch manager is, what they do, what skills they have, what they study, and how to become one.
1. What Is Bank Manager?
A bank manager handles the banking operations, manages the bank’s policies, adheres to legal and company protocols, and supervises the other bank employees. They are responsible for running a business profitably, growing their branch by expanding their customer base and promoting the bank products and services.
Bank managers ensure the effective functioning of all bank departments, implement new campaigns, policies, or initiatives, and meet set targets or goals.
The bank manager has a good knowledge of the various bank services and products offered to customers. They also have a good understanding of HR management and serve as a final authority to approve/disapprove recruitment decisions made by the bank.
2. What Is Bank Branch Manager?
Bank Branch managers plan and coordinate the day-to-day operational tasks of a financial institution, such as bank branches, credit unions, building societies, and retail stores.
They recruit, train, and monitor banking staff, maintain financial transaction records and stock levels, and ensure customer satisfaction.
3. What Is A Banker?
A banker is employed in the finance industry to service clients' financial requirements. Their primary task is to arrange investments and loans for clients. They are maximizing profits while maintaining suitable risk levels.
Based on their duties, Bankers are classified into three types:
4. Bank Manager Job Description
The general duties of a bank manager involve:
Administer the operational activities of a bank branch, regional branch, or other financial institutions, including sales, marketing, HR, and bank productivity.
Provide solutions to operational problems
Prepare budgets, statutory returns, and reports.
Present budget proposals to regulating bodies
Advice on the most efficient use of financial resources
Interpret consequences for business funding and performance
Adhere to a high level of customer service
Supervise sales targets
Promote the financial institution and its products
Understand the banking requirements of the customer base
Supervise budgets and sales targets
Implement business, sales, and marketing plans
Create performance and management reports
Evaluate lending risk
Manage and encourage staff
Follow the rules and procedures to prevent financial fraud.
Handle customer complaints
Maintain strong relations with customers, business partners, and the community
Plan and execute strategies to get new customers and improve business sales
Hire, train, and supervise the performance of bank staff, and employees
Follow their company’s policies, procedures, and guidelines and ensure that their staff follow the same.
5. Bank Branch Manager Responsibilities
Handle admin duties of bank branches, including staff management, financial audits, and reports.
Oversee operational activities of the bank branch and offer solutions to issues.
Plan and lead the collection of accounting and financial information
Lead staff meetings and provide operational instructions
Establish and supervise service standards
Promote products and services via local media and in-store marketing and sell them to customers
Plan and coordinate repairs, renovations, and maintenance
Advise customers on various financial products and interview loan applicants.
Meet customers to resolve their issues or complaints and always ensure a high level of customer service
Implement business plans and administer financial statements and business records
Lead bank employees and staff meetings
Manage inventory activities such as buying, receiving, and signing off payments
Develop strong relationships with customers or clients
Ensure operational excellence
Manage their branch’s budget
Monitor their branch’s capital expenditure and revenue
6. Duties Of A Banker
Discuss financial products with customers
Assess the creditworthiness of borrowers
Underwrite lending deals
Buy and sell securities
Personal Bankers handle the distinct banking needs of individuals that including mortgages, credit cards, personal loans
Commercial bankers arrange working capital for the operation of businesses
Serve financial needs of business and corporate clients
Raise capital for companies
Comply with government regulations and reorganize the company’s finances.
Discuss financial products with customers
Negotiate purchases of commodities, loans, and other financial resources
Arrange suitable insurance programs for clients
Assess financial risks, estimate profits, and prepare financial documents
7. Bank Manager Skills
The following are the most desirable skills that make you a good bank manager:
Excellent oral and written communication skills
Good interpersonal and customer service skills
Comfortable working with numbers
Solid knowledge of the financial sector, financial services laws, and regulations
Able to understand and work with financial data, figures, and trend reports
Good working knowledge of mathematics, accounting, economics, and administration
Strong leadership skills
Strong understanding of applicable standards and legislation
Effective at dealing with issues or complaints
Analytical approach to clients
Strong analytical skills
Self-motivated and driven
Multitasking and prioritizing abilities
Able to lead and inspire staff
Ethical and honest
Sales and marketing skills
8. Bank Branch Manager Qualifications In Australia
To know how to become a bank manager after the 12th, you must have both formal qualifications and relevant work experience.
Employers generally look for candidates with a tertiary qualification in business, commerce, economics, or accounting with a major in finance, banking, or a related field.
It is a must to have extensive work experience in branch management, banking or finance management. A prior experience as a Sales Assistant in financial services can be advantageous.
You may even require to pass criminal record checks.
9. How To Become A Banker?
You need to meet the following academic and training requirements to become a banker in Australia:
Complete a high school year 10 education in English and mathematics
Hold a tertiary qualification in business, finance, commerce, or a related field.
Consider enrolling in an internship program as it will provide budding Bankers with valuable field experience and a solid understanding of banking rules, regulations, and policies.
Expert knowledge of the financial sector is essential to provide reliable and professional advice to individual and corporate customers of the bank and determine if investments and loans are appropriate.
10. How To Be A Successful Bank Branch Manager In Australia?
Having understood what a bank manager does and what skills and qualifications you need, let’s look at how to become a bank/branch manager in Australia.
An applicant should have at least a bachelor’s degree in business, economics, or commerce with a major in banking or finance.
Studying for a Bachelor of Business can be a great option to qualify for this role. However, to get into a bank manager course, you must complete at least a secondary school certificate or equivalent.
Alternatively, you can complete Certificate IV in Financial Services, Certificate IV in Retail Management (SIR40316), Diploma of Business (BSB50120), and Diploma of Accounting to work in this role.
Along with a relevant qualification, banks and other financial institutions usually seek bank managers with experience in lower-level roles within branches or banking centres and handling customers and cash daily.
It is necessary to convince recruiters that the applicant has adequate capabilities and can be trusted with added responsibility.
11. Bank Manager Courses In Australia
Certificate IV in Financial Services
Certificate IV in Retail Management
Diploma of Business
Diploma of Accounting
Advanced Diploma in Banking Services Management
12. Working Conditions For Bank/Branch Manager
Bank/branch managers generally manage a team of bank officers in bank branches. When employed in a retail bank branch, they usually work standard hours, from Monday to Friday.
They may occasionally work on Saturdays as well. Most of the time, they work in offices but may also require travelling between branches to participate in meetings and conferences.
13. Where Do Bank Managers/Branch Managers Work?
Bank Managers or Branch Managers generally work in retail stores or financial institutions such as banks, credit unions, and building societies.
These professionals mostly begin their careers in support before advancing into managerial roles.
14. Types Of Bank Manager Jobs In Australia
A qualified bank manager can work in the following job roles listed on popular job portals like LinkedIn:
Bank Branch Manager
Specialized Banking Manager
Transaction Banking Manager
Senior Transaction Banking Manager
Premium Business Banking Manager
Franchise Banking Manager
Business Banking Manager
Senior Business Banking Manager
Commercial Credit Assessment Manager
Senior Relationship Credit Manager
Senior Credit Manager
Head of Credit Mortgages
Agribusiness Banking Manager
15. How Much Do Bank Managers Earn In Australia?
The average bank manager’s salary is AU$88,237 per year or an hourly equivalent of AU$39.49. Work location and experience are the two main factors that determine their salary.
By gaining more experience, they can expect to draw a potentially higher salary than those new to the industry.
Here are the estimated earnings of Bank Managers at varying levels of experience:
Early career Bank Manager (1 to 4 years of experience) earns AU$86,483 p.a.
Mid-career Bank Manager (5 to 9 years of experience) earns AU$86,057 p.a.
Experienced Bank managers (10 to 19 years of experience) earn AU$91,619 p.a.
The average bank branch manager’s salary is AU$83,270 per year or an hourly equivalent of AU$31.64. Here is what you can expect to earn with experience:
Early career Branch Manager: AU$81,138 p.a.
Mid-career Branch Manager: AU$83,655 p.a.
Experienced Branch Manager: AU$85,778 p.a.
16. Job Prospects For A Bank Manager In Australia
Banking professionals form a vital part of the world economy. The Australian banking industry has seen consistent employment numbers over the past five years. Around 51,400 people are working as Bank Managers in all regions of Australia, specifically in larger cities and towns.
The Australian banking industry is very strong. With the increasing focus of banks on customer service and the relocation of branches to shopping centres and related areas, job opportunities for bank managers are expected to rise.
17. Specializations Options For Bank Managers
The banking industry offers immense scope to advance and specialize in the financial sector. Bank/branch managers can specialize in working as:
Financial Consultant/Financial Advisers: They offer expert financial advice to clients and develop financial plans for them specifying their options for investment, superannuation, savings, and insurance.
Brokers: They specialize in the purchase and sale of assets on behalf of clients and investors to make profits
Financial Risk Manager: They specialize in evaluating market trends and assessing liquidity, market, and financial risks. Furthermore, they advise actions to mitigate these risks.
Being a Bank/Branch Manager is a stable, authoritative, and high-paying position with various responsibilities.
If you have proven success in banking, management, and finance and are well-versed with federal and state-level banking regulations, you are best suited for this profession.
We hope the above information has given you much-needed clarity about the profession and how to pursue it in Australia.
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